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Goldgroup Mining Intercepts Significant Oxide Gold at Caballo Blanco, Mexico

Goldgroup Mining Inc. (GGA.TO) announced that additional diamond drill holes at its Caballo Blanco gold project in Veracruz, Mexico have yielded significant gold intercepts, extending the La Paila oxide gold zone to the southwest. It said all the drill holes reported are exploration holes. Drilling remains ongoing to define and to expand the eastern, southern and southwestern flanks of the La Paila gold zone as the zone currently remains open in these directions.

Keith Piggott, President and CEO of Goldgroup, said: "These diamond drill results yielded gold intercepts all of which continue to be contained in completely oxidized, vuggy and siliceous rock occurring inside and peripheral to the existing La Paila zone. These results continue to give better definition to the design of the first open pit and its extension in a southwesterly direction. The current drilling program, together with the on-going column-leach metallurgical testing, environmental and sociological studies as well as the run of mine heap-leach pad design and other engineering, form the basis for targeting to bring Caballo Blanco into production in the second half of 2012."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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